First Community Announces First Quarter Earnings

Apr 18, 2001, 01:00 ET from First Community Corporation

    LEXINGTON, S.C., April 18 /PRNewswire/ -- Today First Community
 Corporation (OTC Bulletin Board:   FCCO), the holding company for First
 Community Bank, reported net income for the first quarter of 2001.  Net income
 for the quarter was $222 thousand, an increase of 17.5% over the first quarter
 of 2000 net income of $189 thousand.  Diluted earnings per share were $.18 for
 the first quarter of 2001 compared to $.15 in the first quarter of 2000.
 Return on average assets was .7% for the first quarter of 2001 compared to .8%
 for the first quarter of 2000.  Return on average equity was 5.8% for the
 first quarter of 2001 compared to 5.4% for the first quarter of 2000.  Total
 assets were $138.2 million at the end of the first quarter of 2001, an
 increase of 36.4% over the first quarter of 2000 assets of $101.3 million.
 The increase in assets during the first quarter of 2001 reflects the
 acquisition of the Chapin office of Newberry Federal Savings Bank on February
 9, 2001.  The transaction was accounted for as a purchase and increased assets
 by approximately $13.3 million.  Shareholders' equity at the end of the first
 quarter of 2001 was $15.8 million, an increase of 11.3% over the same period
 in 2000 which ended with shareholders' equity of $14.2 million.
     Mike Crapps, president and chief executive officer commented on the
 company's recent performance by saying, "We are very pleased with the
 Company's performance during the first quarter of 2001."  Crapps continued,
 "In addition to achieving strong financial results, the bank was able to
 continue its strategy of becoming the premier community bank of the midlands
 through the addition of a sixth banking office.  This latest office located in
 the Chapin community was acquired in February."
     First Community Corporation is the holding company for First Community
 Bank, a local community bank based in the midlands of South Carolina.  First
 Community operates six banking offices located in Lexington, Forest Acres,
 Irmo, Gilbert, Cayce - West Columbia, and Chapin.
 
 
     FIRST COMMUNITY CORPORATION
 
     INCOME STATEMENT DATA
     (Dollars in thousands, except per share data)
 
 
                                                       Three months ended
                                                             March 31,
                                                       2001              2000
 
       Interest Income                               $2,274            $1,710
       Interest Expense                               1,063               704
       Net Interest Income                            1,211             1,006
       Provision for Loan Losses                         57                49
       Net Interest Income After Provision            1,154               957
 
       Non Interest Income                              186               126
       Non Interest Expense                             999               798
       Income Before Taxes                              341               285
       Income Tax Expense                               119                96
       Net Income                                      $222              $189
 
 
       Primary Earnings Per Share                     $0.18             $0.16
       Diluted Earnings Per Share                     $0.18             $0.15
 
 
 
       Average Number of Shares
        Outstanding                               1,207,177         1,207,177
       Return on Average Assets                         0.7%              0.8%
       Return on Average Equity                         5.8%              5.4%
       Net Interest Margin                              4.3%              4.6%
 
 
     FIRST COMMUNITY CORPORATION
 
     BALANCE SHEET DATA
     (Dollars in thousand, except per share data)
 
                                                            At March 31,
                                                       2001              2000
 
       Total Assets                                $138,220          $101,303
       Investment Securities                         39,830            27,852
       Loans                                         72,989            55,714
       Allowance for Loan Losses                        923               754
       Total Deposits                               117,934            83,336
       Other borrowings                               3,395             3,248
       Shareholders' equity                          15,776            14,208
 
       Book Value Per Share                          $13.07            $11.63
       Equity to Assets                               11.4%             14.0%
       Loan to Deposit Ratio                          61.9%             66.8%
       Allowance for Loan Losses/Loans                 1.3%              1.4%
 
 
      Average Balances:
                                                        Three months ended
                                                             March 31,
                                                       2001              2000
 
       Average Total Assets                        $126,812           $96,717
       Average Loans                                 70,414            53,597
       Average Earning Assets                       115,612            88,000
       Average Deposits                             106,021            78,917
       Average Other Short Term Borrowings            4,218             3,212
       Average Shareholders' Equity                  15,568            14,128
 
     Asset Quality
       Nonperforming Loans                             $263               $--
       Net Charge-offs                                   $7               $--
       Net Charge-offs to Average Loans                  --                --
 
 

SOURCE First Community Corporation
    LEXINGTON, S.C., April 18 /PRNewswire/ -- Today First Community
 Corporation (OTC Bulletin Board:   FCCO), the holding company for First
 Community Bank, reported net income for the first quarter of 2001.  Net income
 for the quarter was $222 thousand, an increase of 17.5% over the first quarter
 of 2000 net income of $189 thousand.  Diluted earnings per share were $.18 for
 the first quarter of 2001 compared to $.15 in the first quarter of 2000.
 Return on average assets was .7% for the first quarter of 2001 compared to .8%
 for the first quarter of 2000.  Return on average equity was 5.8% for the
 first quarter of 2001 compared to 5.4% for the first quarter of 2000.  Total
 assets were $138.2 million at the end of the first quarter of 2001, an
 increase of 36.4% over the first quarter of 2000 assets of $101.3 million.
 The increase in assets during the first quarter of 2001 reflects the
 acquisition of the Chapin office of Newberry Federal Savings Bank on February
 9, 2001.  The transaction was accounted for as a purchase and increased assets
 by approximately $13.3 million.  Shareholders' equity at the end of the first
 quarter of 2001 was $15.8 million, an increase of 11.3% over the same period
 in 2000 which ended with shareholders' equity of $14.2 million.
     Mike Crapps, president and chief executive officer commented on the
 company's recent performance by saying, "We are very pleased with the
 Company's performance during the first quarter of 2001."  Crapps continued,
 "In addition to achieving strong financial results, the bank was able to
 continue its strategy of becoming the premier community bank of the midlands
 through the addition of a sixth banking office.  This latest office located in
 the Chapin community was acquired in February."
     First Community Corporation is the holding company for First Community
 Bank, a local community bank based in the midlands of South Carolina.  First
 Community operates six banking offices located in Lexington, Forest Acres,
 Irmo, Gilbert, Cayce - West Columbia, and Chapin.
 
 
     FIRST COMMUNITY CORPORATION
 
     INCOME STATEMENT DATA
     (Dollars in thousands, except per share data)
 
 
                                                       Three months ended
                                                             March 31,
                                                       2001              2000
 
       Interest Income                               $2,274            $1,710
       Interest Expense                               1,063               704
       Net Interest Income                            1,211             1,006
       Provision for Loan Losses                         57                49
       Net Interest Income After Provision            1,154               957
 
       Non Interest Income                              186               126
       Non Interest Expense                             999               798
       Income Before Taxes                              341               285
       Income Tax Expense                               119                96
       Net Income                                      $222              $189
 
 
       Primary Earnings Per Share                     $0.18             $0.16
       Diluted Earnings Per Share                     $0.18             $0.15
 
 
 
       Average Number of Shares
        Outstanding                               1,207,177         1,207,177
       Return on Average Assets                         0.7%              0.8%
       Return on Average Equity                         5.8%              5.4%
       Net Interest Margin                              4.3%              4.6%
 
 
     FIRST COMMUNITY CORPORATION
 
     BALANCE SHEET DATA
     (Dollars in thousand, except per share data)
 
                                                            At March 31,
                                                       2001              2000
 
       Total Assets                                $138,220          $101,303
       Investment Securities                         39,830            27,852
       Loans                                         72,989            55,714
       Allowance for Loan Losses                        923               754
       Total Deposits                               117,934            83,336
       Other borrowings                               3,395             3,248
       Shareholders' equity                          15,776            14,208
 
       Book Value Per Share                          $13.07            $11.63
       Equity to Assets                               11.4%             14.0%
       Loan to Deposit Ratio                          61.9%             66.8%
       Allowance for Loan Losses/Loans                 1.3%              1.4%
 
 
      Average Balances:
                                                        Three months ended
                                                             March 31,
                                                       2001              2000
 
       Average Total Assets                        $126,812           $96,717
       Average Loans                                 70,414            53,597
       Average Earning Assets                       115,612            88,000
       Average Deposits                             106,021            78,917
       Average Other Short Term Borrowings            4,218             3,212
       Average Shareholders' Equity                  15,568            14,128
 
     Asset Quality
       Nonperforming Loans                             $263               $--
       Net Charge-offs                                   $7               $--
       Net Charge-offs to Average Loans                  --                --
 
 SOURCE  First Community Corporation